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Central Bank of Spain helping Venezuela cope with U.S. sanctions

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Venezuelan President

Posted: Wednesday, September 11, 2019. 9:38 am CST.

By BBN Staff: As the United States continues to put economic pressure on the Bolivarian Republic of Venezuela, the Central Bank of Spain has begun acting as a middle man to facilitate businesses doing financial transactions outside of Venezuela.

An article posted on Bloomberg noted that a single transaction can take up to a month to clear, but that the assistance is helping Venezuela to work around the increasing number of banks that will not do business with Venezuela for fear of also being sanctioned by the US.

Bloomberg notes that a Bank of Spain spokesman said, via email, that the account kept by Venezuela is used to pay operating expenses related to the diplomatic relations between the two countries and by international organizations to send funds to Venezuela since they can’t use commercial banking channels. The balance of the account is “relatively small and has not registered significant variation in the past year,” according to the statement.

The workaround using the Central Bank of Spain is another maneuver that Venezuelan President Nicholas Maduro has employed to keep his country afloat as the US tries to use the sanctions to force him into stepping down and install opposition leader Juan Guaidó as interim president. Since the sanctions, Russian state-owned oil company

Rosneft, became the main trader of Venezuelan oil, allowing Venezuela’s state-owned oil company Petróleos de Venezuela, S.A. (PDVASA) to continue supplying its customers in the face of sanctions imposed by the United States.

 

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